Saturday, July 9, 2011

ObamaNomics

Ovid writes [in Metamorphoses XI] that Dionysus found that his old schoolmaster and foster father, the satyr Silenus had disappeared. Apparently the old satyr had been drinking wine and had wandered away drunk, later to be found by some Phrygian peasants, who took him to their king, Midas. King Midas recognized him and treated him hospitably, entertaining him for ten days and nights with politeness, while Silenus delighted Midas and his friends with stories and songs. On the eleventh day, he brought Silenus back to Bacchus in Lydia. Bacchus offered Midas his choice of whatever reward he wished for. Midas asked that whatever he might touch should be changed into gold.

And things didn't work out quite the way that Midas wanted them to. The Obama Administration wants to create jobs but the unemployment rate keeps rising --- because job creation is not a function of government. It's a function of private industry. Government can get out of the private sector's way, which will naturally result in job creation. Or they can impede private industry with more taxes, regulations and worst of all, UNCERTAINTY.

Every time the economy takes another dip, Obama takes the podium and talks about how happy days will soon be here again, if only he can spend MORE MONEY to 'spend our way out of a depression'. But it doesn't work that way - and horse apples will never be turned into gold. (H/T Dale for the graphic)